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Mathieu Bédard
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Thomson-Reuters sells information processing solutions to other high tech powerhouses. On the scholar market they sell their ScholarOne Manuscripts backoffice to publishers, which is a sort of replacement for Aries System's Editorial Manager. Their strategy is to have a full ecosystem, from their ResearcherID, to EndNotes, to impact factors, to their publisher suite, etc. I think the Nobel in Economics prediction is just a showcase of what they can do with all this.
I do not blame governments when they make shareholders pay, Silvano. I don't see how Frederic Sautet does either. In the latest proposition that I am aware of, the plan was to wipe out shareholders and unsecured bond holders but that was stopped by the Supreme Court of Cyprus. I don't think there is such thing as an easy bankruptcy recipe, some rights are going to be in conflict in any bankruptcy. What I do know is that depositors shouldn't be the first to take the dive, and that the political process is not a robust mechanism to find a second best recipe. But what I would like to blame, since you're asking, is the idea that these banks should be reorganized at all. It is simply not true that banks assets are always deployed in a way that is more valuable than their opportunity costs. Liquidation shouldn't be such a taboo.
What I find interesting is that the theory which argues that banks should not go bankrupt is based on the idea that we should not create panic among depositors, because they would create self-fulfilling insolvency prophecies at other banks. But these taxes on deposits are the best way there is to create this kind of chain reaction. I think this is a proof that European banking authorities and the ECB do not really believe in systemic risk all that much after all.
I am going to challenge that with; the history of American football and rugby start with the French "soule". Perhaps that even emphasizes the point about evolution.
Is it open to non-GMU students?
In which essay?
It would really help if you all didn't treat French thought as one monolithic breed.
Great Great Grand Advisor -- Mises Great Grand Advisor -- Hans Sennholz Grand Advisor -- Philippe Nataf Advisor -- Antoine Gentier
Toggle Commented May 6, 2011 on Can You Fill This Out? at Coordination Problem
Daniel, please, you remind of the "George Lucas ruined my childhood" crowd making a huge fuss out of a single line like that. People also need to remember that it is the Hayek character that uses the "central plan" rhyme, and not the Keynes character. Keynes doesn't present his views as being in favor of central planning, it's Hayek's diss. It doesn't commit the Keynes character to anything.
If we're going to go down that lane, I don't think HOPE would ever accept a paper that suggests Keynes and Hayek are still around today, and to the best of my knowledge there are no proof that Keynes and Hayek were professional boxers. Seriously though, I really think the Keynes and Hayek in the video should be interpreted as a metaphor for Keynesians and Hayekians and should not be looked into so deep. If you consider all the anachronicities of their lyrics to the Keynes-Hayek debate, the books and papers mentioned in the videos that weren't around back then, if you consider the fact that it is not clear whether Keynes would have supported the level of public spending of the stimulus plan, etc. it becomes quite clear.
I would even argue that there are no "behavioral laws" in Keynes. It's macro, it's "crowd" level laws. I wouldn't call that "behavioral".
Toggle Commented Apr 28, 2011 on Hayek vs. Keynes Round Two at Coordination Problem
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Sep 8, 2010